Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

January 24, 2007 16:30 ET

Conquest Resources Limited: Drilling Starts at King Bay, Ontario

TORONTO, ONTARIO--(CCNMatthews - Jan. 24, 2007) - Conquest Resources Limited (TSX VENTURE:CQR) is pleased to announce that it has entered into an agreement with George Downing Estate Drilling Ltd. of Grenville-sur-la-Ronge, Quebec for the provision of diamond drilling services at its King Bay gold project, Sturgeon Lake, Ontario. A drill has been mobilised on to the site and will be following up a high grade gold intersection previously reported in April 2006 and other geophysical targets under the waters of King Bay.

Conquest has maintained a crew on the property since early December to enhance ice thickness at King Bay in preparation for the winter drill program. An initial 1,000 to 1,500 metres of drilling is planned in eight to ten holes.

Earlier this year, one hole drilled from the ice of King Bay intersected a quartz-feldspar porphyry stockwork containing visible gold, with the most significant interval returning 22.7 g/t gold over 0.3 meters, which included a best assay of 43.0 g/t gold over 0.1 metre, all within a 1.07 metre interval averaging 6.86 g/t gold. Historic high-grade gold values reported by previous owners of the property from three distinct boulder trains located along the southern shore of King Bay include a highest value of 521.1 g/t gold (15.2 ounces per ton) while the average grade of boulders sampled from the central boulder train is 18.2 g/t gold (0.53 ounce per ton) while the eastern boulder train averages 18.9 g/t gold (0.55 ounce per ton) and the western boulder train averages 5.14 g/t gold (0.15 ounce per ton).

The proceeds of a recently completed private placement financing of $376,500 will be used to finance the drill program.

ABOUT CONQUEST

Conquest is exploring several gold projects in Ontario. These include the Alexander gold project at Red Lake, the King Bay gold project at Sturgeon Lake, the Smith Lake gold project at Missanabie, and the Aurora, Sunday Lake and Nash Creek gold projects at Detour Lake. Conquest is also evaluating near-term gold-silver production opportunities in the Americas. Cash and short-term investments at December 31, 2006 amounted to approximately $1.3 million. There are currently 62,663,830 shares of Conquest issued and outstanding.

WARNING: The Company relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

Contact Information

  • Conquest Resources Limited
    Terence N. McKillen
    President & CEO
    (416) 362-8243
    or
    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President
    (778) 836-5891
    or
    Conquest Resources Limited
    John F. Kearney
    Chairman
    (416) 362-6686
    or
    Conquest Resources Limited
    David Ellis
    Investor Relations
    (416) 362-2435 or (416) 704-0937
    Email: info@conquestresources.net
    Website: www.conquestresources.net